Mauritius: Construction & tourism avail maximum credit from banks till Oct 2014
Meanwhile, central bank data also showed that banks in Mauritius have approved a cumulative Rs 490.47 million worth of student loans between April 15, 2013 and October 31, 2014, of which MCB was the prime lender. (Image: JF Koenig)
The island’s construction sector benefited from maximum credit till October 2014, at a total of Rs 78.10 billion, while all sectors in Mauritius, as a whole, received Rs 306.31 billion worth of credit from the banking sector over the year to date.
According to the consolidated statement of sector-wise distribution of credit to the private sector released by the Bank of Mauritius, in the construction sector, the highest debt was availed by housing development at Rs 44.44 billion, while banking credit to the commercial property development segment amounted to Rs 13.94 billion.
Tourism, which came a distant second, availed Rs 47.23 billion worth of credit till October 2014, of which hotels availed the highest amount of Rs 27.72 billion while Hotel Management Service Certificate Holders tailed at Rs 14.75 billion.
Global Business Licence Holders came third with a total of Rs 38.59 billion, and global businesses under category 1 leveraged the highest debt of Rs 30.07 billion while category 2 followed with Rs 8.51 billion.
Meanwhile, central bank data also showed that banks in Mauritius have approved a cumulative Rs 490.47 million worth of student loans between April 15, 2013 and October 31, 2014.
Of this amount, Rs 433.47 million was approved under normal banking terms, whereas only Rs 57.00 million was sanctioned under the Government Guaranteed Scheme.
The three banks that have approved the maximum student loans under normal banking terms are Mauritius Commercial Bank (MCB), State Bank of Mauritius (SBM), and the Mauritius Post and Cooperative Bank (MPCB).
Mauritius’ largest bank MCB has sanctioned loans worth Rs 237.57 million while the SBM lags far behind with Rs 84.42 million and MPCB is a close third with Rs 52.96 million worth of student loans being sanctioned from April 15, 2013 to October 31, 2014.
Under the Government Guaranteed Scheme, once again MCB approved the most student loans, for an amount of Rs 21.93 million. SBM follows at a distance with only Rs 16.26 million worth of student loans having been approved by the second largest bank in Mauritius, while MPBC comes third with Rs 6.84 million.
Moreover, the outstanding amount of student loans sanctioned by all banks in Mauritius till date came to Rs 984.73 million as at 31 October 2014, with Rs 955.65 million being sanctioned under the normal banking terms and Rs 29.08 million under the Government Guaranteed Scheme.
MCB surpassed other banks with Rs 427.07 million outstanding in its books for student loans sanctioned till date under the normal banking scheme and Rs 13.18 million under the Government Guaranteed Scheme.
On the other hand, SBM has Rs 254.81 million outstanding for student loans sanctioned till date under normal banking terms and Rs 9.51 million under the Government Guaranteed Scheme.
Finally, MPCB has Rs 186.71 million outstanding under the normal banking terms and Rs 1.74 million under the Government Guaranteed Scheme.